Angola’s Diamond Mining: A Catalyst for Economic Growth

Angola aims to boost diamond production to 17.53 million carats by 2027, increasing revenues significantly. With 24 operational mines and foreign investments, the sector is poised for economic growth. Recent high-grade diamond discoveries and a supportive mining framework signal Angola’s potential as a top diamond producer, showcased at events like African Mining Week.

Angola is on a trajectory to escalate its diamond production to 17.53 million carats by 2027, in accordance with its National Development Plan (2023-2027). The government aims to harness mining revenues to enhance food security, foster employment, and reduce poverty. Diamond revenues are anticipated to surge from $1.4 billion in 2024 to $2.1 billion in 2025, which would amplify the sector’s contribution to the nation’s GDP.

With over 24 operational diamond mines and numerous exploration projects, Angola’s diamond industry is poised for transformative economic growth. The upcoming African Mining Week (AMW), a premier mining event, will highlight lucrative diamond opportunities not only in Angola but also across Africa, promoting industry collaboration and investment.

Recent developments indicate Angola’s emergence as a significant player in the global diamond mining sector. The state diamond company, ENDIAMA, reported that the country harbors over 732 million carats of untouched diamond reserves valued at over $140 billion. To capitalize on these assets, ENDIAMA is planning a pilot project for diamond production and processing at the Luachimba facility, scheduled for launch in 2025.

In November 2024, Maden International Group entered the Angolan market by acquiring stakes in the Catoca and Luele Mines. This acquisition, along with De Beers’ announcement of eight new diamond project targets, indicates a surge in investment and technological advancement in Angola’s mining landscape. Collaborations with ENDIAMA and other geological institutions further enhance the country’s exploration efforts for diamond and critical mineral prospects.

The Lulo Mine, operated by Lucapa Diamond Company, witnessed the remarkable discovery of a 176-carat diamond in August 2024, marking a significant milestone as it tracked multiple high-grade finds in recent years. These discoveries spotlight Angola’s capability for premium diamond production, further solidified by the numerous significant discoveries reported in previous years.

The AMW event provides an excellent venue for stakeholders in the mining sector to convene, fostering connections between global investors and Angolan authorities. It is an opportunity for investment discussions, deal signings, and strategic partnerships aimed at showcasing Angola’s diamond potential. AMW occurs concurrently with the African Energy Week: Invest in African Energy 2025 conference in Cape Town from October 1-3, providing an enriched collaborative environment to explore various mining opportunities.

Angola is strategically positioning itself to become a leading diamond producer, with ambitious targets for increased production and revenue by 2027. By leveraging its vast untapped diamond reserves and fostering international partnerships, particularly highlighted at events like African Mining Week, Angola is attracting significant investment to drive economic transformation. The nation’s ongoing development efforts in the diamond sector are integral to enhancing overall economic growth and sustainability.

Original Source: www.zawya.com